GoAML
The Federal Decree-Law No. (20) of 2018 on Combating Money Laundering and Illegal Organization Financing and its Implementation Regulation was published. It is the fundamental legal framework that makes money laundering and financing of terrorism illegal and takes advantage of the effectiveness of the institutional and legal framework in putting policies and interventions in place that support anti-money laundering initiatives and combat the funding of terrorism and illegal organisations. With widespread cooperation from all pertinent authorities, the UAE completed its first national risk assessment on money laundering and terrorism funding in 2018. According to the study, there are significant concerns of money laundering and terrorism financing in a number of regions.
The UAE’s Ministry of Economy (MOE) has prepared extensive plans for implementation and compliance with the requirements of Federal Decree Law No. 20 of 2018 concerning AML and CFT. FATF (Financial Action Task Force) reviewed the UAE in accordance with international standards in 2019 and found a variety of areas that would benefit from a national structure to tackle money laundering and terrorist funding in order to grow further. In this context, MOE is charged with the responsibility of monitoring and enforcing laws pertaining to AML, CFT, and the financing of illegal organisations in Designated Non-Financial Businesses and Professions (DNFBP) operating in the United Arab Emirates.
- Dedicated FTA Certified Tax Agents
- FTA Registered Tax Agency
- Qualified Accountants
- Fast & Accurate Services